Skylight Health Announces Delay in Filing
02 May 2023 - 9:23AM
Skylight Health Group Inc. (TSXV:SLHG; OTCQX:SLHGF) ("Skylight
Health" or the "Company") announces today that the Company does not
expect to be in a position to complete its year-end audit and
complete and file its annual financial statements and related
management discussion and analysis for the 2022 financial year and,
as a result, the Ontario Securities Commission may issue a cease
trade order against the company restricting trade in the securities
of the Company.
As previously reported in the Company’s
financial statements for the third quarter of 2022, the ability of
the Company to continue as a going concern and to realize the
carrying value of its assets and discharge its liabilities and
commitments when due was dependent on the Company generating
positive cash flows and additional financing sufficient to fund its
cash flow needs. The Company is considering various strategic
alternatives.
Additionally, the Company announces that Grace Mellis has
resigned from the Company’s Board of Directors, effective April 28,
2023 to pursue other opportunities. The Board of Directors and the
Company’s management team would like to thank Ms. Mellis for her
contribution and wishes her all the best in her future
endeavours.
About Skylight Health Group
Skylight Health Group (TSXV:SLHG: OTCQX:SLHGF) is a healthcare
services and technology company, working to positively impact
patient health outcomes. The Company operates a Florida based
primary care health network comprised of physical practices
providing a range of services from primary care, sub-specialty,
allied health, and laboratory/diagnostic testing. The Company is
focused on helping small and independent practices shift from a
traditional fee-for-service (FFS) model to value-based care (VBC)
through tools including proprietary technology, data analytics and
infrastructure. In an FFS model, payors (commercial and government
insurers) reimburse on an encounter-based approach. This puts a
focus on volume of patients per day. In a VBC model, the providers
offer care that is aimed at keeping patients healthy and minimizing
unnecessary health expenditures that are not proven to maintain the
patient’s well-being. This places an emphasis on quality over
volume. VBC will lead to improved patient outcomes, reduced cost of
delivery and drive stronger financial performance from existing
practices.
Forward Looking Statements
This press release may include predictions, estimates or other
information that might be considered forward-looking within the
meaning of applicable securities laws. While these forward-looking
statements represent our current judgments, they are subject to
risks and uncertainties that could cause actual results to differ
materially. You are cautioned not to place undue reliance on these
forward-looking statements, which reflect our opinions only as of
the date of this release. Please keep in mind that we are not
obligating ourselves to revise or publicly release the results of
any revision to these forward-looking statements in light of new
information or future events. When used herein, words such as "look
forward," "believe," "continue," "building," “may be”, or
variations of such words and similar expressions are intended to
identify forward-looking statements. Factors that could cause
actual results to differ materially from those contemplated in any
forward-looking statements made by us herein are often discussed in
filings we make with the Canadian and United States securities
regulators, including the Securities and Exchange Commission,
available at: www.sec.gov, and Canadian Securities
Administrators, available at www.sedar.com, and on our
website, at skylighthealthgroup.com.
For more information, please visit our website or contact:
Investor Relations:investors@skylighthealthgroup.com
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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